Buhari, Jonathan Led Nigeria Into Recession—Ezekwesili

President Muhammadu Buhari has been accused of leading Nigeria into recession after failing to adopt the right policies to deal with the crash in crude oil prices.

This allegation was made by the former Minister of Solid Minerals, Mrs Obi Ezekwesili, while speaking as the guest speaker at the inaugural Business Lecture of the Lagos Country Club in Lagos on Thursday night.

Also accused for the same offence was the immediate past President, Mr Goodluck Jonathan, who Mrs Ezekwesili said equally failed to adopt the right policies to deal with the crash in crude oil prices in mid-2014.

The former Minister alleged that Mr Buhari failed to launch a comprehensive fiscal stabilisation programme on assumption of office in May 2015, which could have handled the dwindling economy of the country.

“The parlous state of the Nigerian economy by the 29th of May, 2015 should have instructed an incisive and urgent macroeconomic stabilisation programme to realign the price levels in the economy.

“By May 2015, we knew we were already in trouble. As a matter of fact, we were already in trouble in 2014. That was the first time that growth collapsed to 3.8 per cent. The incoming administration should not have been told that we were weak and vulnerable,” Mrs Ezekwesili said at the occasion.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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